SANTA CLARA, Calif. -- Agilent Technologies Inc. (NYSE: A) today reported revenues of $1.68 billion for the second fiscal quarter ended April 30, 2011, 32 percent above one year ago, or 21 percent excluding the effects of acquisitions and divestitures(3). Second-quarter GAAP net income was $200 million, or $0.56 per share. Last year's second-quarter GAAP net income was $108 million, or $0.31 per share.
During the second quarter, Agilent had intangible amortization of $28 million, acquisition and integration costs of $17 million, and restructuring and transformational charges of $9 million. The company also recognized a tax charge of $9 million. Excluding these items and $2 million of other net benefits, Agilent reported second-quarter adjusted net income of $261 million, or $0.74 per share (1).
Bill Sullivan, Agilent president and CEO, said 'We had another quarter of excellent results as the growth momentum continued across all our businesses. Demand for Agilent products remained strong, with all key product platforms experiencing double-digit growth for the fourth consecutive quarter.'
Electronic Measurement revenues were up 19 percent over a year ago. Orders were up 15 percent and revenues were up 26 percent excluding the effects of the Network Solutions divestiture. The business saw solid revenue growth across the communications market and all other market segments.
Chemical Analysis revenues were up 60 percent compared with one year ago. Orders were up 22 percent and revenues were up 13 percent on an organic basis. Strong organic growth was led by demand in the petrochemical market.
Life Sciences revenues grew 39 percent over last year. Orders grew 21 percent and revenues grew 16 percent on an organic basis led by growth in pharma and biotech.
Second-quarter ROIC was 25 percent(4). Agilent generated $378 million of cash from operations in the second quarter. Net cash at the end of the second quarter was $885 million(5).
Sullivan said, 'We look forward to a strong second half of fiscal year 2011. The continued strength of Agilent's portfolio, our presence in the right growth markets, and our sustained customer loyalty are all indicators of continued success moving forward.'
Fiscal third-quarter 2011 revenues are expected to be in the range of $1.64 billion to $1.66 billion. Fiscal third-quarter non-GAAP earnings are expected to be in the range of $0.71 to $0.73 per share (2).
For the full fiscal year 2011, Agilent is raising its revenue guidance to $6.55 billion to $6.60 billion and its non-GAAP earnings to $2.84 to $2.88 per share (2).
About Agilent Technologies
Agilent Technologies Inc. (NYSE: A) is the world's premier measurement company and a technology leader in chemical analysis, life sciences, electronics and communications. The company's 18,500 employees serve customers in more than 100 countries. Agilent had net revenues of $5.4 billion in fiscal 2010. Information about Agilent is available on the Web at www.agilent.com.
Agilent's management will present more details about its second-quarter FY2011 financial results on a conference call with investors today at 5:30 a.m. (Pacific). This event will be webcast live in listen-only mode. Listeners may log on at www.investor.agilent.com and select 'Q2 2011 Agilent Technologies Inc. Earnings Conference Call' in the 'News & Events -- Calendar of Events' section. The webcast will remain available on the company's website for 90 days.